National Home buyers Fund was established to expand and promote home ownership opportunities across the state. The organization develops and manages different housing programs, including Down Payment Assistance, Mortgage Credit Certificates and Mortgage Revenue Bond programs. Individuals who are planning to buy a home, but don’t have funds to purchase one can apply for an NHF grant to get the financial assistance they need.
NHF Grant Options
NHF Sapphire offers closing cost/down payment assistance to home buyers together with the purchase of a main residence in Utah and California. Applicants can get up to five percent of the loan amount. This grant is not limited to individuals who are purchasing a home for the first time. Borrowers can in fact own other properties and still qualify for this NHF grant. It doesn’t need to be repaid and has no recapture fees. In order to qualify for the grant, you need to meet the following requirements:
You don’t have to be a first time home buyer to be eligible for this grant. NHF Sapphire allows subordinate financing. Homebuyer education is also not required to quality for this grant. NHF Sapphire can be combined with other assistance programs such as a Mortgage Credit Tax Certificate and CalHFA’s CHDAP. While combining programs may delay the processing and loan approval and make things complicated since every program has its own requirements, it can still be done if you are willing to take it.
NHF Platinum is another grant option offered by the National Home buyers Fund. It offers down payment assistance together with the purchase of a main residence in different states. Borrowers can get up to five percent of the loan amount. This grant doesn’t require you to repay the amount you’ll get. NHF Platinum also doesn’t require you to attend a home buyer education class. You don’t need to be a first time home buyer to apply for NHF Platinum. In order to qualify for this grant, you need to meet the following requirements:
NHF Platinum can be used with town homes, single family homes, PUDs and condos. Before applying for any of these grants, make sure that you meet their requirements to speed up the processing and approval of your loan.